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Kogi Seeks World Bank Support to Boost Rice Production

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  • Kogi Seeks World Bank Support to Boost Rice Production

Kogi State Government has declared intentions to solicit support of the World Banks as part of efforts to scale up rice production. This was revealed by the State Commissioner for Agriculture, Mr. Oloruntoba Kehinde at the weekend.

According to him, the state government was thrilled with the success recorded by the World Bank in cassava production and its value chain under the Fadama 111 addition financing in Kogi.

The Commissioner, who described Kogi as ‘a confluence of opportunities’, blessed with rivers, fertile expanse of land and able-bodied men, expressed confidence that the World Bank’s intervention would make the state one of the largest producers of rice in North Central Nigeria.

He stated that areas like Ibaji, Ejiba/Omi Dam, Bassa, Koton-Karfe, Lokoja, Omala, among others, had abundance of usable farm lands for rice and aquatic culture.

Kehinde also informed that the state government had asked for the lease of federal government’s 4,500 hectares land around Omi Dam in Yagba West and Ibaji Local Government Areas for rice production.

Stallion Farms Bags Outstanding Rice Value Chain Award

Stallion integrated rice value chain approach has been bequeathed with the Feed Nigeria Summit ‘Agro Processor of the Year Award’ at the just ended Nigeria Agriculture Awards.

The award, which is its second, after the IBCA-‘Outstanding Projects and Business Leaders of the Year Award’ bestowed on the company in March was in recognition of Stallion Popular Farms & Mills Limited concerted efforts at integrating rice value chain in Nigeria agrarian economy as well as its dogged resolves to humanise farmed rice and self-sustainability in food production.

“We owe this accomplishment to President Muhammadu Buhari’s leadership aptitudes and his agrarian-business agenda”, Stallion Popular farms & Mills Group Director, Hapreet Singh remarked.

He said the farm is leveraging on the policy impetus of the federal government’s agricultural transformation agenda to bring sustainable and scalable growth to farmers.

The farm’s effort to increase cultivated rice yield began in 2007 and has since been at the forefront of paddy agronomists in the country, working tirelessly to enhance rice production through scientific agricultural practices.

Singh, while receiving the award, on behalf of the farm at the occasion in Lagos, said the company hopes to increase locally farmed rice to 1.5million tonnes yearly from 450, 000 metric tonnes.

He said the farm has already deployed enhanced milling activities and set up more milling facilities through structured farming techniques.

“Our vision has always been to preserve and enhance rice production in Nigeria by ensuring genetic integrity of seeds, encouraging scientific agricultural practices and promoting world-class processing techniques to emerge as industry benchmark for product quality,” Singh said.

Also noting that part of the company’s sustainable efforts was to integrate rice growing values among the locals, the group director said it has established procurement and collection centers; introduced co-operative associations as well as logistics and post-harvest epicenters and marketing midpoint, while it acts as a catalyst for achievable growth.

A farm division of Stallion West African conglomerate, Popular Farms & Mills Limited recently established collection centers across rice producing states in Adamawa, Taraba, Benue, Niger, Kaduna, Kano, Jigawa, Sokoto, Zamfara and Kebbi to not only help farmers embrace modern farming techniques but help distribute farm inputs through farmers cooperatives and associations to inspire rice revolution in Nigeria.

Popular Farm is today renowned for producing premium varieties of rice from farmed paddy, which are branded and distributed nationwide as Royal Stallion Shinkafa, Tomato Aroso and Super Champion.

The agrarian establishment however promised to safeguard timely provision of certified seeds and fertilizers, and offer advisory irrigation, crop management and buy back mechanism to help farmers get good and profitable yields from their harvest.

While also thanking Feed Nigeria Summit for creating a platform to acknowledge real positive change makers in the agrarian sector, Singh said the creation of integrated agricultural operations such as world-class rice mills at strategic locations would promote milling and paddy cultivation in the captive areas and consequently make Nigeria self-sufficient in rice production.

Anambra State Commissioner for Agriculture, Afam Mbanefo, who presented the award to the Farm representative, applauded Popular Farms and Mills expressive commitment towards federal government’s exhaustive agenda in rice production.

“You have not only supported the country’s agrarian objective for self-sufficiency in rice production but have also worked assiduously with local and state governments in ensuring food security. Your efforts are indeed remarkable,” he said.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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APM Terminals in Talks with Government for Terminal Upgrade in Apapa

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APM Terminals is engaging in discussions with the government for a significant upgrade at its Apapa terminal.

Keith Svendsen, the Chief Executive Officer of APM Terminals, disclosed the company’s ambitious plans aimed at accommodating vessels with deep drafts and large ship-to-shore cranes.

The upgrade is part of APM Terminals’ long-term vision to bolster import and export opportunities in the country, create employment, and diversify local opportunities.

Svendsen emphasized the importance of fortifying existing port infrastructure, especially in Lagos, to manage increasing trade volumes effectively.

“While greenfield terminals like Lekki and later on Badagry would support economic growth in the long run, the more urgent requirement is in our view to upgrade the existing port infrastructure,” Svendsen commented.

The proposed upgrades seek to facilitate smoother operations, providing seamless connectivity through road, rail, and barge networks to mainline shipping.

Svendsen highlighted the unique position of the Apapa port in offering access to international markets for Nigerian importers and exporters, leveraging not only road but also rail and waterways, utilizing barges.

APM Terminals has been a pivotal player in Nigeria’s maritime sector for close to two decades. The company’s commitment to the nation’s economic growth is underscored by its proposed investment of over $500 million, subject to a long-term partnership with the government.

The Apapa terminal is a vital gateway for trade, handling a significant portion of Nigeria’s container traffic.

Furthermore, APM Terminals’ operations in Lagos and Onne collectively manage about half of the containers in Nigeria, demonstrating their pivotal role in the country’s logistics landscape.

The proposed upgrades signify APM Terminals’ dedication to supporting Nigeria’s economic reforms and attracting international investments.

The company has already invested over $600 million since its inception in Nigeria in 2006, directly employing approximately 2,500 Nigerians and indirectly contributing to employment for about 65,000 individuals.

“At APM Terminals, we believe strongly in the prospects for the Nigerian economy and the long-term opportunities that the current economic reforms and invitation for international investments will generate,” Svendsen affirmed.

As talks between APM Terminals and the government progress, stakeholders are optimistic about the positive impact of the proposed terminal upgrades on Nigeria’s maritime sector and overall economic development.

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Uber Rolls Out Flex Pay Feature: Daily Earnings for Nigerian Drivers

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Uber has rolled out a feature in Nigeria that promises to revolutionize the way drivers receive their earnings.

Dubbed “Flex Pay,” this innovative initiative allows Uber drivers across the country to access their earnings daily, a significant departure from the previous weekly payment system.

The announcement came during a recent media briefing led by Tope Akinwumi, Uber Nigeria’s country manager.

Akinwumi expressed the company’s commitment to supporting its drivers by introducing Flex Pay, which aims to help drivers meet their financial obligations more promptly and efficiently.

With Flex Pay, drivers now have the flexibility to access their earnings directly through their mobile wallets on a daily basis.

This move is poised to bring about a host of benefits for drivers, offering them greater financial stability and control over their finances.

In addition to the introduction of Flex Pay, Uber also unveiled a set of new features designed to enhance the driver experience on the platform.

One such feature is the ability for drivers to see upfront details about a trip request, including the destination and expected fare.

This added transparency empowers drivers to make more informed decisions about which trips to accept, ultimately improving their overall experience on the platform.

Speaking about the new features, Akinwumi emphasized Uber’s commitment to prioritizing the needs and feedback of its driver-partners.

He highlighted the company’s ongoing efforts to innovate and develop solutions that enhance the driver experience and ensure their satisfaction with the platform.

“We are constantly listening to feedback from our driver-partners and striving to provide them with the tools and support they need to succeed,” said Akinwumi.

“The introduction of Flex Pay and other new features is a testament to our commitment to empowering our driver-partners and enhancing their experience on the Uber platform.”

The implementation of Flex Pay marks a significant milestone for Uber in Nigeria, demonstrating the company’s dedication to driving positive change and innovation in the ride-hailing industry.

As drivers begin to benefit from daily earnings and increased transparency, Uber is poised to strengthen its position as a leading provider of flexible earning opportunities in the country.

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Exxon Mobil’s $1.28 Billion Asset Sale to Seplat Energy Set for Approval, Ending Two-Year Wait

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After a prolonged two-year wait, Exxon Mobil’s anticipated $1.28 billion asset sale to Seplat Energy is poised for approval by Nigeria’s oil regulator.

The deal, which has been in limbo since 2022, could finally see the light of day following recent communication from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Gbenga Komolafe, the chief of NUPRC, revealed to Reuters on Thursday that the regulatory body is on the verge of giving its consent to the transaction.

Komolafe disclosed that Exxon Mobil and Seplat Energy are scheduled to attend a pivotal meeting on Friday, during which they will discuss the final steps towards approval.

He expressed optimism, stating, “Subject to the outcome of the meeting, consent… could be given in less than two weeks from the date of the meeting.”

According to Komolafe, NUPRC will present the companies with two mutually exclusive options, the acceptance of which would pave the way for the deal’s approval.

While he didn’t delve into specifics, he emphasized that Nigerian law mandates provisions for decommissioning, host community development, and environmental remediation.

“We don’t want our nation to carry unwarranted financial burdens arising from the operations of the assets over time by the divesting entities,” Komolafe asserted, underscoring the importance of responsible asset management.

The $1.28 billion sale holds immense significance for Nigeria’s oil industry, which has faced challenges stemming from underinvestment and security concerns in recent years.

With oil majors like Shell and TotalEnergies divesting from onshore shallow water operations due to security issues, regulatory approval of the Exxon-Seplat deal could inject much-needed capital into the sector.

Analysts view the impending approval as a potential catalyst for improved oil output in Nigeria. Moreover, it could serve as a positive signal to investors, paving the way for similar deals in the future.

The regulatory clearance of Shell’s asset sale to Renaissance in January has further bolstered expectations regarding the viability of such transactions.

As Nigeria looks to revitalize its oil sector and attract investment, the imminent approval of Exxon Mobil’s asset sale to Seplat Energy marks a significant milestone, bringing an end to a prolonged period of uncertainty and setting the stage for renewed growth and stability in the country’s vital energy industry.

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